In bid to re­make it­self af­ter pan­cre­at­ic can­cer flop, Halozyme ac­quires Antares and its drug de­liv­ery tech for $960M

Af­ter the mar­ket hi­ber­nat­ed for much of the first quar­ter, things are start­ing to get mov­ing as the cal­en­dar turns to­ward Q2. And fol­low­ing the big news of Glax­o­SmithK­line’s Sier­ra buy­out ear­li­er Wednes­day, an­oth­er biotech deal land­ed to give the M&A seek­ers some­thing to cheer about.

Halozyme will ac­quire Antares Phar­ma for $960 mil­lion, the com­pa­nies an­nounced Wednes­day morn­ing, valu­ing the small­er com­pa­ny at $5.60 per share — a rough­ly 49% pre­mi­um from Tues­day’s close. It’s a deal that will pro­vide Halozyme not just with Antares’ ap­proved drugs but its drug de­liv­ery tech, which the biotech not­ed in a re­lease was a key fo­cus.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER